Shane Ross (Independent)

I wish to ask the Leader a question about a matter that puzzles me. What is the rush with this legislation? I understood from yesterday's proceedings that it was being introduced as emergency legislation, presumably because of the danger that a bank might be in trouble or that people on the markets might act on price sensitive information. Our knowledge since yesterday that legislation was forthcoming has lifted stock prices, which may or may not be a positive outcome. Given that today there is no problem for the markets or anywhere else with a delay, what is the rush? Why can we not take more time with this legislation rather than rushing it through tonight? Some of the suggestions made this morning, particularly on this side of the House, were constructive and well-thought out. They cannot be accurately targeted because nobody has had sufficient time to examine the legislation but the more I study it, the less happy I am with it.

My reaction to yesterday's events was the same as every other Senator on this side of the House, namely, that we have to back a rescue operation of this sort because the alternative would be disastrous. A myth about this legislation already exists in the public arena which suggests that it is merely a guarantee. A reading of the Bill, however, reveals that a guarantee is only one element of its provisions. It makes broad reference to financial support, which it specifically describes as "a loan, a guarantee, an exchange of assets and any other kind of financial accommodation or support."